Norway’s largest market investor said Tesla should recognize union as Swedish strike escalates

The fight between Tesla and Swedish workers continues to escalate as it is joined by Norway’s $1.5 trillion sovereign wealth fund, the world’s largest stock market investor.

Norges Bank Investment Management (NBIM) said that Tesla should respect fundamental human rights including labor rights in a statement to Reuters.

NBIM is Tesla’s 7th biggest shareholder with a 0.88% stake worth some $6.8 billion according to LSEG data.

The statement also revealed about proposing a policy to respect the rights of organizations in 2022. The NBIM said that the proposal is supported by 32% of the voters but the Tesla board cast a no vote.

At the heart of the matter, Swedish workers are on strike against the electric vehicle maker. Sweden’s largest union, IF Metall wants Tesla to sign a collective bargaining agreement covering wages and other conditions.

However, Tesla CEO, Elon Musk has been vocal on his stand on this matter, saying “I disagree with the idea of unions”. On the other hand, the EV company forced its Swedish employees to have as good or better terms than those the union is demanding.

With each passing day, all of the unions in the neighboring countries are joining hands with Swedish IF Metall in an empathy strike.

Earlier this week, 3F, Denmark’s largest labor union extended support for its Swedish counterpart.

Jab Villadsen, head of 3F Transport supports the ongoing strike “Swedish workers are currently fighting an important battle. When they ask for our support, we take part”.

PensionDanmark, one of Denmark’s largest pension funds said on Thursday that it had divested its $69 million holding in Tesla. Meanwhile, Paedagogernes Pension said it would also divest its $35 million stake.

Meanwhile, NBIM didn’t say anything about this situation affecting its relationship with Tesla.